Tesla acquisition target SolarCity raises $345 million to fund projects

July 18, 2016 12:42 PM

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Tesla acquisition target SolarCity raises $345 million to fund projects

SolarCity Corp (SCTY.O), which received a takeover bid from Elon Musk's Tesla Motors in June, said it has raised $345 million in tax equity and also increased its debt facility by $110 million to $760 million.

The company said it raised the funds from four separate partners in June and July to cover the capital cost of new equipment and installations, and make it possible for customers to pay less for solar power than they pay for utility power.

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